If you are wondering how to choose a Medicare plan and feel like tearing your hair out, you are not alone.
We frequently hear comments from Medicare beneficiaries about how they considered themselves to be reasonably intelligent people until they started trying to figure out Medicare.
Don’t be discouraged! Choosing a Medicare plan can be confusing to many people. We are here to help you.
How to Choose a Medicare Plan Type
There are a few considerations to keep in mind as you begin searching for Medicare supplemental insurance. First and foremost, there are two types of Medicare plans. You need to understand the difference between a Medicare supplement and a Medicare Advantage plan.
They are not the same – in fact, they work very differently. Once you understand how each plan works… ask yourself some of these questions to help you filter down to which kind of plan might best suit you:
- Do your important physicians participate in any Medicare Advantage plans or do they only accept original Medicare?
- What insurance is accepted by your preferred hospitals?
- Do you travel out of the area frequently? If so, you might find original Medicare with a Medicare supplement to be a good fit for you since you can use it for any doctor or hospital in the nation that accepts Medicare.
- What is your risk tolerance? If you have a year of heavy health spending, do you have enough savings to spend the possible out-of-pocket maximum that a Medicare Advantage plan might require?
- How about peace of mind? Are you a person who will sleep better at night if you have a lower premium and just pay for services as you go? If so, you might be a good candidate for a Medicare Advantage plan. By contrast, if you tend to worry about unexpected expenses, a Medicare supplement could give you the peace of mind of knowing exactly what medical spending you will incur regardless of your health.
How to Choose a Medicare Supplement
Medicare supplement plans were standardized by the government in 1990. This was done to make it easier to compare plans.
Choosing a Medicare plan is easy with help from a Medicare insurance agent from The Medicare Store.
If you decide a Medigap plan would be better for you, our agency can run a list of plans in your area. As a large Medicare insurance broker, we have the means to invest in quoting software that will show us prices for all the plans in every state.
Premiums for Medicare Supplements vary by gender, age, zip code, tobacco usage, and your eligibility for household discounts. Sometimes certain state rules can affect premiums as well.
At The Medicare Store, we look for the top 3 lowest-priced carriers for the plan you want. We then compare which of those carriers has the lowest rate increases in recent years. While there is no crystal ball, we can use this data to make the best decisions possible.
How to Choose a Medicare Advantage Plan
On the other hand, if you prefer Medicare Advantage, we like to use the www.medicare.gov website to find options. The Medicare Plan Finder Tool will let us search for Medicare Advantage plans in your county based on your preferences. Some people prefer Medicare HMO plans for the lowest premiums.
Others prefer Medicare PPO plans because they are more flexible and have out of network benefits if needed. Some counties also have other plan types like Medicare Cost plans, Special Needs Plans, and PFFS plans.
Our agents are familiar with all of these and can help you sift the results to find a plan that your doctors participate in.
Get Someone on Your Side with Medicare
If you have been asking yourself: Who can help me choose a Medicare Plan the answer is The Medicare Store.
Our agency can help you identify which plan is right for you and how much the monthly premiums cost in your area. Working with us can be very helpful so that you get all the statistics you need before you decide. We have access to date like rate trend history and financial ratings for various Medicare-related insurance carriers.
Boomer Benefits is your one-stop-shop for choosing a Medicare plan. We’ll get you the information you need to decide. We assist our clients with finding plans that are accepted by their important physicians and that are also affordable for their budget.